Senate President Stephen Sweeney said there’s no financial risk in Atlantic County acquiring Atlantic City’s Municipal Utilities Authority or bonding to cover its debt to a casino.
In a Thursday letter to Atlantic
County Executive Dennis Levinson, Sweeney wrote that if Atlantic City
failed to pay debt to the county, state funds would be used for
repayment. Sweeney said his state intervention legislation would allow
any Atlantic City bonds to be covered under the Qualified Bond Act, in
which bondholders receive a pledge of state revenue to secure repayment.
“Any legitimate concerns that may
be raised with respect to Atlantic City’s ability to repay would be
eliminated,” Sweeney wrote.
Levinson said in a news release
Wednesday that “there are too many unknowns” on whether it would be
beneficial for the county to purchase the water utility.
“Any legitimate concerns that may be raised with respect to Atlantic City’s ability to repay would be eliminated,” Sweeney wrote.
“Any legitimate concerns that may be raised with respect to Atlantic City’s ability to repay would be eliminated,” Sweeney wrote.
Levinson said in a news release
Wednesday that “there are too many unknowns” on whether it would be
beneficial for the county to purchase the water utility.
He also said the idea of the county buying casino debt was "dead on arrival."
"Its value would need to be
determined," said Levinson of the ACMUA. "Most importantly, it would
have to make sense for all the taxpayers of Atlantic County, not just
Atlantic City.”
Levinson’s statement came after Sweeney pitched the idea of the county buying the MUA last week.
http://www.pressofatlanticcity.com/news/sweeney-says-no-financial-risk-in-atlantic-county-buying-ac/article_2612d1b0-d1aa-11e5-9398-cbe06cab46c5.html
Press Editorial Against County Bonding AC Debt
http://www.pressofatlanticcity.com/opinion/editorials/our-view-county-shouldn-t-lend-to-spendthrift-atlantic-city/article_afe478e5-64c4-5cdc-93fc-b7b2380bad94.html
http://www.pressofatlanticcity.com/news/sweeney-says-no-financial-risk-in-atlantic-county-buying-ac/article_2612d1b0-d1aa-11e5-9398-cbe06cab46c5.html
Press Editorial Against County Bonding AC Debt
http://www.pressofatlanticcity.com/opinion/editorials/our-view-county-shouldn-t-lend-to-spendthrift-atlantic-city/article_afe478e5-64c4-5cdc-93fc-b7b2380bad94.html
2 comments:
I've been watching this guy around Christie and I have no doubt he is in Christie's pocket. Sweeney wants to run for Governor and it's my opinion that he is twice as sneaky and much more corrupt than our current wind bag. Please people, wake up!
Too many in AC government feel they are entitled to getting more outside funds and getting bailed out again and again. They haven't made any serious spending cuts and only turned in the cars after Channel 6 had hidden cameras to show how these cars were abused like going to Home Depot to get supplies for one councilman's home remodeling. If Senator Sweeney will have the state cover AC's debts then let the State directly cover the debt and not put the County on the limb.
Meanwhile the clock is ticking as Borgota has stopped paying taxes.
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